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January 17, 2008

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None of this matters because casinos are going to be rammed up our hillbilly butts and fat cats will get fatter. SOS different day.

Shack, when you were doing your research, did you run across any articles about the top casino executives
are fighting Nevada's casino tax rate?

Yeah man, true that. Nevada's casino tax rate is 6.75% and the teacher's union wants it raised to 9.75% in 2011 so the tax money can fund Nevada's horrible education problems.

Only problem is the top casino executives are fighting the increase in casino taxes.

Imagine how those same top casino executives will feel about a Kentucky 35% casino tax.

Dream on, little dreamer Beshear. There will be no $500 Million dollars in casino tax revenue because the top casino executives will FIGHT that high percent ... If they're fighting a meager 9.75% casino tax rate, they'll probably spit their coffee when they see the 35% Ky is proposing.

Remember, Nevada has one of the HIGHEST drop out rate of any state in the country.

Nevada ranks dead LAST for the number of students who go directly to college after graduation, according to National Center for Public Policy and Higher Education.

Below here I've lifted a piece where Bill Weidner President of Las Vegas Sands, and other casino executives attended the Tourism Conference in Las Vegas. Article is from the Las Vegas Review Journal. Remember, Bill Weidner came here last week to talk to our Legislators about casinos. Note in the article below Weidner not only pledges to "fight back" to keep the tax rate below 9.75% - he also says the increase will "ruin the state" and that casinos will invest less money in Nevada if the tax rate goes up.

"The most powerful resort chieftains in Las Vegas are bracing for tight times in 2008 and aren't interested in sharing more of their gambling haul with Nevada's schools.

That was the gist of a public powwow between the leaders of Las Vegas Sands Corp., Boyd Gaming Corp. and MGM Mirage -- three companies in the midst of spending more than $14 billion on three new Strip resorts.

The talk was part of a conference on Nevada tourism and meant to probe the thoughts of gambling executives on the continued resort development boom in Las Vegas.

It turned into the executives using the forum to slam a proposal by the state's biggest teachers union to raise gambling taxes to 9.75 percent in 2011, up from 6.75 percent.

Teachers say the money would help move Nevada schools from the back of the pack nationally by raising about $250 million annually for higher teacher pay, class-size reductions and anti-dropout programs.

The gambling executives characterize the proposal as a 44 percent tax increase that would put the chill on the kind of resort building boom that has raised Nevada's profile from cowboy gambling outpost to a global resort destination that attracted more than 52 million visitors last year.

"It will ruin this state," said Bill Weidner, president and chief operating officer of Las Vegas Sands Corp., the company that owns The Venetian and the Sands Expo and Convention Center and is putting the finishing touches on the $1.8 billion Palazzo. "We have to fight back, not pretend like we want to compromise."

The casino bosses complimented Gov. Jim Gibbons, who has pledged to avert a projected $285 million state budget shortfall without raising taxes. But Terry Lanni, chairman and CEO of MGM Mirage, acknowledged disagreements with the governor yet pledged continued loyalty should Gibbons seek another term in office.

Gibbons, who sat in the front row in the Caesars Palace ballroom where the talk was held, clapped when Weidner said casinos would invest less in Nevada if taxes went up."

Contact reporter Benjamin Spillman at bspillman@reviewjournal.com or (702) 477-3861."

The top executives from Las Vegas Sands have filed a lawsuit to challenge the casino tax increase. Appears the casino crowd does NOT care on bit about helping Nevada's failing school system. They don't care about money going to roads either.

"From the AP
Suit Filed Against Casino Tax Initiative
Thursday December 13, 3:04 pm ET
By Brendan Riley, Associated Press Writer

New Lawsuit Filed to Challenge Ballot Plan Raising Casino Taxes -

CARSON CITY, Nev. (AP) -- Las Vegas Sands Corp., the casino company run by billionaire Sheldon Adelson, has filed its own lawsuit against a ballot initiative by Nevada teachers to raise taxes on big resorts to get more money for schools.

Lawyers for Las Vegas Sands said in a complaint filed Wednesday in Carson City District Court that the teachers' proposal is misleading and overly broad, violating a state law that limits such initiatives to only one subject matter.
The argument is similar to one raised in a separate suit filed earlier against the teachers' plan by the Nevada Resort Association, which represents many major hotel-casinos in the state.

Both actions were submitted to Carson City District Judge Bill Maddox. It's likely that Maddox at some point will consolidate the actions brought against the plan from the Nevada State Education Association.

Besides the teachers' plan for a raise in the casino tax from 6.75 percent to 9.75 percent, Las Vegas lawyer Kermitt Waters has filed two ballot initiatives to raise taxes on Nevada's biggest casinos by about 20 percent [6.75% to 8.10%]. Lawsuits against Waters' proposals also are expected.

The teachers' proposal would raise at least $250 million a year for schools. Waters' proposals would generate up to $2 billion a year for teachers' pay, highway construction and other projects."

From 2003 article -

"The casino industry, often considered a cash cow by tax-and-spend politicians like Blagojevich, has proven it could not sustain the impact of the impending tax increases. Employees were laid off, revenues fell and customer incentives almost all but disappeared, according to a recent Crain’s Chicago Business article.

Since Governor Blagojevich slapped the Illinois casinos with the largest tax rate in the country, the theory of basic economics has once again proven itself. In an attempt to fill a $5 billion budget shortfall (that would be a spending shortfall, not a revenue shortfall), the governor and his merry band of economic advisors estimated that the new tax would provide the state with an additional $187 million in revenue, above the current state collections of $550 million.

Now four months into the state’s fiscal year, the total state revenue estimates from the casinos show only $75 to $80 million in additional revenue, far short of the anticipated $187 million. This can be attributed to the dramatic 10% drop in the adjusted gross receipts of all the Illinois’ casinos combined. If the casinos bring in less cash due to consumers choice to visit Indiana, the state can expect that anticipated revenues will fall considerably short of the mark."

Shack,

I'm no math guru but I did some quick & dirty math calculations and, unless I calculated wrong, the number of people visiting the casinos in one year would have to be:
- 9,782,609 million people if Kentucky gets $315 million dollars from 35% tax.
or
- 15,527,950 million people if Ky gets $500 million dollars from 35% tax.

Here's what I did: for $315 million to be realized ..

-9,782,609 million people (times) $92.00 loss per person = 900 Million in revenue (before taxes)

-900,000,000 million revenue (times) 35% = 315 Million.

Here's what I did for $500 million to be realized ....
- 15,527,950 million people (times) $92.00 lost = $1,428,571,400

- $1,428,571,400 (times) 35% = $499,999,990 or $500 million

Kentucky's adult population is 3,205,029 million adults.

That is far short of the 9,782,609 million people needed to lose $92.00 a pop every year.

And Ky's population is WAY short of the 15,527,950 million people needed to lose $92.00 a pop every year.

-- at least from my calculations.

Ok, so the way I see it, no matter how many casinos you have in Kentucky ...

In order for Beshear's $500 million dollars to be the number
15,527,950 million people would have to lose $92.00 per casino visit in ONE year every year.

Hmmm.... can Ky's population accomodate such a large request?

Answer to 3:31. I would pay triple that to stop giving my money away to foreign countries just so a certain few Americans could become billionaires because of iodiodic falsified wars in other countires.
How about attacking a little country like Panama,that has no Navy or Air Force. Boy, we really are tough, are'nt we? My grandchildren will be paying out their asses for the next fifty years, just so a few elites can enjoy their penthouses in Las Vegas. I hope you come back with some sarcastic bullshit about me being against
America, then tell me you want to sacrifice your children's future. Hey, the terrorists are already here. Wake up and smell the shit.

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